posted 09.19 a.m. est
The major Time Support at 1962.00 was briefly tested, but held on Tuesday, and on Wednesday Buyers Reacted (green-at-bottom) just above that level, see yesterday’s highlighted comments. Later in the session Aggressive Buying (green-at-top) was also marked. Pre-open today, First Level Resistance at 2035.00 has been probed but no time has yet been printed above this level – that would be the next positive – we could see Intraday Support or Resistance here which would be a clue re ST direction. Breadth Numbers had a surge to much improved levels, see below.
First Level S/R = 2035.00 (2mn poc)
First Level Support = 1962.00 (6mn poc) and SPY 197.20 (8mn poc)
Stocks>50dyma numbers: Nyse 53% (from 42%), Nasdaq 56% (from 46%), R2000 63% (from 48%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 9.54. Down from 13.73 recorded at the start of the month, the highest in the database and 30% down from that level.
Supporting Charts:
Bonds TLT: on Tuesday probed above the October high to print its highest level since August 2012. Is lower from there but remains in a LT strong price location above 117.14 (maj poc).
Dollar Index: held the minor Support at 87.70 (2mn poc) this week and following a strong day on Wednesday is currently printing close to the recent high.
Gold GLD: remains in a weak price location below the 119.87 maj poc.
Oil USO: last week broke below the extreme low of Feb 2009 and is lower this week.
EURUSD: probed the 4mn Time Resistance at 1.2475 on Tuesday but is lower from there and is today printing below the maj poc at 1.2300 and close to the recent low.
